The State Duma in the third reading approved the reduction of the Urals discount to Brent to $20 per barrel
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The State Duma approved in the third reading bill, which proposes to reduce the Urals discount to Brent for tax calculations from September 1 to $20 per barrel. Damper payments to oil companies should be halved – from about 60 billion to 30 billion rubles.
A damper is a mechanism to contain fuel prices in the domestic market during sharp fluctuations in oil prices. Its essence lies in the fact that the budget pays extra to oil companies if the export price of fuel exceeds the indicative (fixed) price of the domestic market (55.2 thousand and 52.25 thousand rubles per ton for gasoline and diesel fuel, respectively). In the opposite case, companies already pay extra to the budget.
The adopted bill also proposes to introduce the Russian over-the-counter index when calculating taxes for the oil industry from 2024. Now the Urals quote is used, calculated by the Argus agency on a CIF basis (includes freight and insurance), which will stop publishing it from January 1, 2024.
The Ministry of Finance of the Russian Federation introduced a number of amendments to the draft after the second reading. The Ministry of Finance, in particular, proposed transferring extra-viscous oil fields, which have lost benefits since 2021, to the additional income tax (ATD) regime. The regime involves the reduction of the total amount of taxes, depending on the volume of fuel production, and the introduction of AIT.
Formerly in the Tax Code made amendments, according to which discounts to the price of Brent are used in the calculation of the MET and the reverse excise on oil, tax on added income and export duty. The Russian authorities believe that the minimum discount threshold will reduce the effect of the fall in the value of Urals against Brent on budget revenues.
Read more about the bill approved in the third reading – in the material “Kommersant” “Fine Cleaning Budget”.
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